India may again ban cryptocurrency

[Pffrt]

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

[AB de Royse777]

I noticed South Asian country authorities are more into banning crypto. Possibly they think it's hard for them to regulate crypto but the reality is - true crypto enthusiast will find their own way and it can't be stopped for real. The wise move will be to study and adopted with crypto culture.

[Twinkledoe]

It is their loss not the crypto community. Other advanced countries are legally accepting crypto but what's happening to them is opposite. This is unfortunate for Indian crypto users and there are a lot of them that are relying on crypto for their income this pandemic. I don't think the move of their government is good for its constituents.

[Tipstar]

Most of the government sees open crypto market as challenge to their monopoly in economy of the country. Which to some sense is correct. But it's a counter measure to stop the progress to save the conservative financial practice of the government.
The more oppressive the government, the stricter are the bans for open currencies like bitcoin.

[fiulpro]

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

What are they trying to assert with it ?
• Dominance?
  Dominance over people who actually are already crushed by the corruption policies of the government?
• I did notice that they used the statement *Private Owned cryptocurrencies* in one place
  Does that mean they are trying to create a digital rupee as well ?
• Are they scared that this Crypto is something that was from China and therefore can actually be problematic to time in the future?

I don't know what's wrong but what I know is :
They are for sure not scared about cryptocurrencies being used for bad things , because the percentage is quite low. People have started building their ICO's , giving business ideas and such . The market is flourishing.

Let us talk about this :

*Chapter III: Offences and penalties
Taking gratification in order to influence public servant, by corrupt or illegal means, shall be punishable with imprisonment for a term which shall be not less than three year but which may extend to seven years and shall also be liable to fine.*
3 years+ for corruption
*Except in certain aggravated situation the punishment will be imprisonment not less than seven years but which may extend to imprisonment for life, and shall also be liable to fine.*
7 years + for Rape

10 years of prison for Crypto users ? This is both hilarious and offensive.

https://yourstory.com/2020/06/bootstrapped-startup-paxful-ebay-bitcoin-india-crypto-market

Example of what I said above '
* The market is flourishing . *

[KingScorpio]

this is a question regarding me or you,

capitalism requires unequality not everyone can be allowed to print money or there wont't be a money market system, arguments are pointless in powerstruggles. violence is the prevered form

[RapTarX]

RBI is trying their best level to ban crypto in India. They had once banned crypto in India while Supreme Court has reversed the ban since RBI doesn't have the right to do so. Nevertheless, I guess there will be no ban at all, nor crypto tx will traced although the punishment is tlo high.

[Bttzed03]

If that bill will be passed and approved, Indian crypto community has all the right to challenge it again in court.
I can't say for sure but the highest court usually don't change their stance.

[usekevin]

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

This is not seems to be true. But if the bill passed, it may be true. But the vast population country like India should regulate the bitcoin and cryptocurrency inatead of ban. Because if the coin is legal, the flow will be monitor by the government and they get some tax for them. If they ban the coin, they maybe hidden flow and government can't get anything from it as Tax.

[Jating]

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

I think it just reflects the power struggles on India itself. IDC, the highest court in India has reversed the ban already, so with this bill, then are challenging it again. So it will be Judiciary vs Legislative, so this can cause another political strive in the country itself.

And I think it will not be very easy moving forward for Indian crypto enthusiast again, ten years in prison is harsh and the fine itself, it's like you have committed a severe crime.

[XCANA]

Don't be deceived about them banning cryptocurrency and Indians wont find alternative to use the said cryptocurrency. The government should at this time ban again and see Indians making the unpredictable move in finding ways to use cryptocurrency, also, this is not the very first time they have come up with ban of cryptocurrency. What could possibly make the government take such step is, their inability to stand up to the task of regulating cryptocurrency like other countries.

[figmentofmyass]

the article is very speculative. assumptions about the draconian nature of the bill are apparently based on the failed/withdrawn bill from 2019, but until the bill leaves panel or is otherwise leaked to the public, i don't think anybody knows what it says exactly:

“It’s not clear whether the finance ministry intends to work upon the old draconian crypto bill or whether they plan to work on bringing a new bill,” noted Nischal Shetty, CEO of Bitcoin exchange WazirX, in his latest statement, adding that “I’ve also said it before, that when it comes to regulating crypto, I’m positive that India will follow the footsteps of developed countries like Japan, USA, UK, Australia, and more.”

is there even any indication that a similar bill could pass in the parliament? any indians around here with some insight into the legislative atmosphere?

[ololajulo]

These are all FUD and the spread of this news should be contain, it almost cause panic sell on some new projects listed on India exchanges like wazirX. Every interested trader should verify news this both from online channel and on-ground personnel to avoid panic responses.

[khaled0111]

It has been a while since the last time I read a news about a country willing to ban cryptocurrencies.
Such news usually surface before a big bull run. Hope it will be true this time too 
it seems that banning the use of cryptocurrencies is the only recourse for underdeveloped and developing countries since they don't have the necessary means to regulate it. A 10 years sentence and 3.3M$ is over-exaggerated though.

[Rengga Jati]

Another ban for cryptocurrency again? Well, as stated in the news, the cause is because of fears of the decline of the Reserve Bank of India (RBI) after previously could not prohibit the existence of cryptocurrency in the country. But does it have to be crypto banning? then what about the people or industries related to crypto in the country? Isn't there a better step than banning? Like a win-win solution for the country and its people related to cryptocurrency?

[Kelvinid]

Wow, I thought they are in the settled already as they are accepting crypto a while ago but this news will likely kill their people instead. It was to think that cryptocurrency doesn't give any hope for this country if this bill we fully implemented ( yet it was implemented already).
But anyway, though it sounds like we are in discrimination and to say that India doesn't have that capability to run crypto and use it because of the limited resources they have. Not this time but of course, it can be sooner if their economic status will be good.

[pakhitheboss]

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

Passing a bill in India takes times. It is just not right to assume that it will be passed. India is a democracy and in democracy you still have the right to question a bill in their highest court which is known as Supreme court.

I still believe it is a FUD created by banks to stop the Indian crypto community from investing in cryptocurrency. There has been an increase in volume in all local exchanges after the RBI ban was removed.

[notocactus]

After so many times as saw news that China bans crypto, Bitcoin, recently we saw a Xi pump. The same will go with India. Haha, ban and ban, but which one will be the last ban of India on crypto? Maybe this time, why not?

From the lesson in China, they did not ban anything, it is just a way news are seeded around us.

[gamer4156]

I think giving the Indian government an idea about the good aspects of Bitcoin, they have only a negative idea about Bitcoin.They think that Bitcoin is just illegal. I don't understand why they are pretending not to understand the positive aspects of Bitcoin. RBI is trying to ban Bitcoin in India but it will not be possible to stop Bitcoin transactions.

[Darker45]

This is most probably the Indian government's last hurrah against cryptocurrency. And they seem to appear hell bent on branding cryptocurrency as a capital sin with the degree of penalty they attached to the violations of the proposed law.

This is a drama of the legislative branch of India's government challenging the decision of the judicial branch. We will see, if this bill will pass, whether the executive will sign it into law.

However, this bill finally transforming into a law is the not the end of everything. It could probably still be challenged on its legality considering that the Supreme Court has already ruled with finality on the illegal act of banning cryptocurrency.